Are you a business owner in the market for a new van?
If so, you’re faced with an important decision – should you buy or lease?
Vans are a practical vehicle choice for a business because of their versatility. They often can carry many passengers and offer large amounts of storage.
Deciding to buy a van over leasing one can have a big financial impact on your business for years to come. Read on to learn why you should lease a van instead of buying one brand new!
Less Initial Outlay
A van lease allows you to enjoy the benefits of a new vehicle without having to fork over a large amount of cash.
Down payments for a lease vary from vehicle to vehicle depending on what you want. For example, for a $40,000 van, you may choose to put down $4,000 to make your monthly payments an affordable amount.
According to Autotrader, a down payment of 20% is recommended on a new vehicle. For a $40,000 van, that’s an $8,000 down payment. That’s an initial outlay of double what you would pay on your lease.
Avoid Depreciation Costs
Using a business van eases your day-to-day operations but that comes at a cost.
That cost comes in the form of more frequent oil changes, tire replacements, and other routine maintenance.
As you drive your van more and put it under regular wear and tear, this also causes a depreciation in the overall value of the vehicle. This means that your van is a depreciating asset against your bottom line.
When you lease a van, you’re able to use the vehicle without having a vested interest in it for the long-term. This way, you receive the benefit of driving a new vehicle without enduring the costs of ownership.
Leverage Cutting-Edge Technology
A van lease gives you the ability to enjoy cutting-edge technology as you move from lease to lease.
Leasing a new van from Commercial Van Solutions lets you drive a van that is technologically advanced. That’s because you’re able to drive a brand-new vehicle when you lease.
When you buy a new vehicle, you have the most current technology up to that point. But, as your new vehicle ages, it becomes dated soon after. A van lease will ensure you’re always only a few years away from driving a brand new one.
Wrapping Up: The Decision to Lease a Van
Your business can benefit from using leased vans instead of buying a fleet of new ones.
But the decision to lease a van has a lot of different variables. This includes the retail price of the new vehicle and how the down payment impacts your monthly cost.
Besides the finances of it all, you need to make sure you’re finding the vehicle that fits the unique needs of your business. As you do your research, you may discover that a car or SUV will serve your business more effectively.
Check out our blog post on How to Pick the Best Company Vehicle for Your Business!